Medtronic plans to cut 40 jobs in Minnesota, according to a Minneapolis/St. Paul Business Journal report.
This news comes in the wake of Medtronic's recent $43 billion acquisition of Covidien, which is expected to close sometime later this year or early next year. The company currently employs 8,000 Minnesotans and pledged to create 1,000 Minnesota jobs after the Covidien acquisition was announced.
Job numbers have been fluctuating over the past three years; from 2011 to 2013 Medtronic cut 1,000 jobs in Minnesota, which was about 11 percent of the company's local workforce. The report also notes Medtronic's plans to combine its endovascular business with Covidien, which could mean more job cuts are around the corner.
Worldwide, the company employs 87,000 people in more than 150 countries. As part of the Covidien acquisition, Medtronic committed $10 billion to technology investments over the next decade in areas such as early stage venture capital investments, acquisitions and research and development in the United States as a direct result of the company's new financial structure.
In the third quarter of the 2014 fiscal year, Medtronic's total worldwide revenue was $4.1 billion, slightly up from the same period last year.
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